Montana Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

One of the costliest mistakes when getting life insurance is buying either too much or too little coverage. You can prevent this by first determining how much you can really spend towards your coverage. This way, you know which plans come with premiums you can affordReview the tables below that depict the projected premiums of Helena, Montana residents.

Estimated Monthly Premiums
Helena, MT 59601
Policy: $200K
Duration: 30 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $55.65 – $91.53 $19.17 – $45.45
45 Yr Old Male $167.65 – $230.87 $39.36 – $125.94
 30 Yr Old Female $40.42 – $72.88 $16.35 – $35.34
 45 Yr Old Female $117.34 – $176.49 $30.89 – $82.53

 

As you can see, the younger, non-smoking male group can already enjoy the features of this kind of policy for a monthly premium average of a little more than $32. For the younger, non-smoking group of women, their premiums average at around $30.81. The key takeaway here is that buying a policy while you’re still in your 20s or 30s can save you hundreds or even thousands in the long run.

Purchasing a greater policy value with a shorter term

Say you want a 20-year policy but with a bigger value at $500,000. This is what your monthly premiums may look like:

Estimated Monthly Premiums
Helena, MT 59601
Policy: $500K
Duration: 20 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $72.62 – $133 $20.36 – $58.05
45 Yr Old Male $213.94 – $430.30 $50.06 – $138.95
 30 Yr Old Female $59.50 – $115.40 $17.93 – $44.90
 45 Yr Old Female $154.32 – $296 $39.48 – $116.10

 

You may want to consider these policy features when you’re already in the “established adults” age range, which usually consists of parents who have children soon or already going to college. The policy’s face value may already be enough to help pay for school and also cover your outstanding financial responsibilities, such as mortgages and other loans.

More life insurance help

As both tables indicate, age is the primary determiner of life insurance costs. When you obtain insurance at a younger age, you can secure a policy with better premiums. This applies even when you decide to get whole life insurance, which comes with a cash-value component. Just make sure you compare these two primary types of life cover, so you can figure out which one best meets the needs of your household. 

And as a last reminder, confirm that the insurance company you’ll get your policy from has the proper licensure. The Montana State Auditor, Securities and Insurance Commissioner can help you with such concerns.